Village Green Shops in Louisville

The multi-family owner-operator has bought itself an apartment tower with plans to redevelop and reposition it.
800_building

Bringing with it an “extensive plan to redevelop and reposition” the building, Village Green has purchased The 800 Apartments in downtown Louisville, it announced Tuesday. The 29-story building, at 800 S. Fourth St., was built in 1963 and at that time was the tallest building in Louisville.

The tower, according to Village Green, “will undergo a dramatic transformation” to include new model apartments next month, then a new “boutique hotel style lobby” by next winter, followed by a new 29th-floor Sky Club and rooftop Sky Park and extensive exterior improvements.

The seller was not disclosed, and a representative of Village Green declined to comment for this article, but a review of local media reports going back to last December gleaned some useful information.

The building reportedly had suffered some deterioration in recent years, as various plans to rehab the building and/or to convert it to condos failed to materialize.The tower was last sold in 2002 for only $5.5 million to a Chicago-based L.L.C. owned in part by Leon Petcov of Residential Management Inc.

This time around, the building was being listed at about $23 million, according to a local media report, which also stated the occupancy to be 70 percent, with monthly rents ranging from $700 to $2,000 and higher. The seller’s broker was Tikijian Associates, of Indianapolis.

The Sky Club will feature a gourmet kitchen, fireplace, TVs, lounge seating and an outdoor terrace with dining and grilling station. The top floor will also be home to a fitness center with an outdoor exercise terrace. The rooftop Sky Park will have a swimming pool, sun deck, “Zen space,” fire pit, outdoor kitchen and bar, outdoor TVs, and further lounge seating.

Closer to ground level, amenities to be added include a lobby and conference room, theater, business center, café/restaurant space with lobby access and indoor/outdoor seating, and personal concierge services.

Apartment upgrades will feature kitchen islands with granite countertops and three different cabinet and appliance options, bathrooms with rain shower heads, new custom closets, and wood flooring and Berber carpet. Penthouse units reportedly will have condominium-quality finishes with floor-to-ceiling glass windows.

Along the way, exterior improvements reportedly will include a new entry, updated landscaping, new façade lighting, and restoration of the building’s original blue color.

Village Green stated that the building, which will be renamed soon, will include studio and convertible apartments and one-and two-bedroom apartments and penthouses. A local media report stated that the company plans to convert 20 multi-bedroom apartments into 64 studio units, increasing the total number of units from 247 to 289.

“The 800 Apartments was a modern architectural icon that we look forward to restoring, upgrading and returning to being Louisville’s premier address,” Village Green chairman & CEO Jonathan Holtzman said in a release.

The architects for the renovation are Hartshorne Plunkard, of Chicago, and Damon Farber, of Minneapolis. The capital source is Ladder Capital.